FairPoint Investigation Withdrawn

Bondholders have withdrawn a request for an examiner to investigate what lead up to FairPoint Communication’s chapter 11 filing.A creditor committee claimed last month that FairPoint misrepresented its recovery prospects, and that top managers sought to profit from the bankruptcy reorganization.On Tuesday, lawyers for the creditors withdrew their motion.FairPoint owes more than $550,000,000 to its lenders.The company filed for bankruptcy on October 26th.